Date: Aug 09, 2023
Place: New Delhi, India
In today’s market update, several key companies have released their quarterly financial results, providing insights into their performance during the first quarter of the fiscal year. Here are some of the highlights:
Coal India: The state-owned coal mining giant, Coal India, announced a consolidated net profit of ₹7,941.4 crore for Q1FY24, reflecting a 10% decline from the same period last year. Despite the profit dip, the company’s revenue from operations increased by 2% year-on-year to reach ₹35,983.2 crore. Production of raw coal rose by 9.8% to 175.47 million tonnes, and the offtake of raw coal grew by 5.3% to 186.95 million tonnes. However, the company’s EBITDA fell by 14.2% YoY to ₹10,514 crore, with a margin decline of 570 bps to 29.2%.
Siemens: Siemens reported a consolidated profit of ₹455.5 crore for Q3FY23, marking a notable 51.5% increase over the same period in the previous fiscal year. The rise in profit was driven by higher other income and strong operating numbers. The company’s revenue from operations grew by 14.4% YoY to ₹4,873.2 crore. Furthermore, Siemens secured new orders amounting to ₹5,288 crore, indicating a 5.9% increase from the corresponding period last year.
EIH: Hospitality company EIH posted a healthy performance, with a profit surge of 65.2% YoY, reaching ₹103.76 crore for Q1FY24. This substantial increase in profit was attributed to robust operating numbers and strong revenue generation. EIH’s consolidated revenue from operations stood at ₹498.1 crore for the quarter, representing a significant rise of 26.3% over the same period in the prior year.
Ideaforge Technology: Drone manufacturing company Ideaforge Technology reported a consolidated profit of ₹18.86 crore for Q1FY24. However, this figure marked a sharp decline of 54.3% compared to the corresponding period in the previous fiscal year. The decline was attributed to weak operating numbers and lower topline performance. The company’s revenue from operations also experienced a dip, declining by 2.2% to ₹97 crore during the same period.
These quarterly results provide valuable insights into the performance of these companies during the first quarter of the fiscal year, offering investors and stakeholders a glimpse into their financial health and growth prospects.